Works by Lichtenstein, Degas, Rothko, and Still lead Christie's and Sotheby's art auctions
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Works by Lichtenstein, Degas, Rothko, and Still lead Christie's and Sotheby's art auctions
A woman looks at '1949-A-No.1' (L) and '1947-Y-No.2' by Clyfford Still on display at Sotheby's during a preview of their Impressionist and Modern Art sale in New York, October 28, 2011. With financial markets remaining stubbornly shaky, auction houses in New York are gearing up for critical fall auctions which feature several works each poised to fetch $30 million or more. REUTERS/Brendan McDermid.

By: Chris Michaud



NEW YORK (REUTERS).- With financial markets remaining stubbornly shaky, auction houses in New York are gearing up for critical fall auctions which feature several works each poised to fetch $30 million or more.

"The financial markets have been volatile all year, yet the art market has continued to perform well," said Marc Porter, chairman of Christie's Americas. "It's incredibly strong."

Christie's and Sotheby's are both offering many works that are valued over $10 million, and each has offerings expected to fetch $25 million or even $40 million.

Roy Lichtenstein's "I Can See the Whole Room! ... and There's Nobody in It!" is estimated to sell for up to $45 million at Christie's, and could even set a record.

Degas' bronze sculpture, "Petite danseuse de quatorze ans," cast after his death and one of only 10 remaining in private hands, will lead its Impressionist and modern sale on November 1 when it could fetch up to $35 million.

The sale of 84 lots, about 30 percent more than recent seasons, should take in between $215 million to $310 million.

A bronze sculpture by Matisse, "Nu de dos (1er etat)," is generating intense interest at Sotheby's, where 71 works are expected to take sell for more than $185 million. Its contemporary sale a week later is even larger.

It is the first of a series of four iconic, monumental bronzes of a human back and carries a pre-sale estimate of $20 million to $30 million.

A rare Clyfford Still abstract painting, "1949-A-No. 1," carries an even higher price of as much as $35 million. It is one of four Stills headlining the sale.

Sotheby's also has a Francis Bacon self-portrait triptych priced at $15 million to $20 million. Some of Bacon's works have fetched prices exceeding $50 million in recent years.

Auction officials, encouraged by recent results in London where prices held despite Europe's economic turmoil, expect well-heeled clients to view art a worthy asset.

"There's a definite confidence despite the volatility in the financial markets," said Porter.

The confidence has helped auction officials persuade owners of rare, top-quality works to put them on the market, which has results in significantly larger sales this season.

"What we have seen over the last couple of years when there has been so much global economic volatility has been the gravitation toward art as an asset class -- when you have great things to sell," said Sotheby's CEO Bill Ruprecht.

Dealers said art is also being driven by an expanding pool of collectors, whether from China and Hong Kong, Russia, the Mideast or South America.

"The major collectors are still seeking social prestige," said New York-based private dealer Baird Ryan. "But the performance of art in the last 10 years has been compelling, so you have all these new guys looking at art as an alternative store of wealth."

He compared high-end works to hedge funds and asked how many funds can "show 25 percent annual returns," noting that the auction houses can document how a work can increase in value within a couple of years.

He added that determined new collectors loaded with cash are desperate to snag trophy works like Warhol's "Silver Liz," which are estimated to fetch $16 million to $19 million at Christie's.

"These major Picassos and Warhols are the ones that are the drivers. They've got to have it."

(Reporting by Chris Michaud; editing by Patricia Reaney; For the latest Reuters lifestyle news see: http://www.reuters.com/news/lifestyle))










Today's News

October 30, 2011

Works by Lichtenstein, Degas, Rothko, and Still lead Christie's and Sotheby's art auctions

"Landscapes from the Age of Impressionism" exhibition at the Akron Art Museum

Branches of the Louvre and Guggenheim at Abu Dhabi island hit by more delays

"Building the Revolution: Soviet Art and Architecture 1915-1935" at the Royal Academy of Arts

New exhibition features priceless private art collection never before displayed publicly

Print by Print: Series from Durer to Lichtenstein showcases 500 years of serial printmaking

Mark A. Magleby named new Director for Brigham Young University Museum of Art

"Dawn Blossoms Plucked at Dusk" by Chinese artist Hung Liu at Walter Maciel Gallery

International Center of Photography to present Sudden Impact: Photography on the Printed Page

Former Beatle Paul McCartney to help restore 1877 Steinway Motown grand piano

Remarkable group of new works by Uta Barth at Tanya Bonakdar Gallery in New York

A selection from The Mezzanin Stiftung für Kunst Collection on view at Kunstmuseum Liechtenstein

Rare early sculpture and important new paintings by Rebecca Horn at Sean Kelly Gallery

Powerhouse Museum presents Korean treasures and the spirit of jang-in

The Monterey Museum of Art opens Fall season of widely varied exhibitions

United States prosecutors settle with ex-Apollo astronaut

Doyle New York announces art auction to benefit LaGuardia High School, inspired hit movie Fame

Museum of Glass names Susan Warner as Deputy Director/Curator

"A Song for the Horse Nation" gallops into Washington




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